Our economist Tony Nafte revised upwards his forecasts for Indo GDP, rupiah exchange rates, and fiscal deficit.
Following the 1Q09 release, Tony upgrades his GDP forecast for Indonesia from 0.8% previously to 3.7% this year. For 2010, we expect stronger growth at 4%, from our previous 2% forecast.
We had previously forecast a deficit blowout above 4% of GDP but now think that the 2.5% target is achievable.
We now think that the current spot rate at Rp10,250/US$ (previously Rp14k) is a more appropriate forecast both for end-2009 and end-2010.
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